Gemini surpassed Coinbase in the US iOS App Store finance category rankings following the launch of its XRP rewards credit card in partnership with Ripple Labs and Mastercard on August 25, 2025.
According to Sensor Tower data, Gemini climbed to 11th place, while Coinbase dropped to 25th, and Robinhood ranked 18th. The XRP Mastercard, offering up to 4% instant cashback in XRP and a $200 XRP bonus for spending $3,000 in the first 90 days, drove significant user engagement and downloads, with over 90,000 downloads in the 72 hours post-launch.
Tyler Winklevoss celebrated the shift, calling it “the flippening” on X, signaling a change in user preference despite Coinbase’s higher trading volume of $4.54 billion compared to Gemini’s $382.49 million. The card’s appeal, bolstered by Ripple’s RLUSD stablecoin integration and a $75 million credit line (expandable to $150 million) for Gemini’s IPO, highlights the impact of innovative crypto products on app visibility.
However, Coinbase maintains dominance in trading volume, and the ranking shift reflects user acquisition rather than market share. The XRP rewards credit card, offering up to 4% instant cashback in XRP and a $200 XRP bonus for spending $3,000 in the first 90 days, incentivizes users to accumulate XRP through everyday spending.
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This creates a new demand channel for XRP, as users must either hold or trade their rewards, potentially increasing spot trading volumes on Gemini. The integration of Ripple’s RLUSD stablecoin, with a market cap of ~$485 million, further facilitates low-friction conversions between XRP and fiat, enhancing liquidity by reducing spreads and conversion fees.
However, Coinbase’s significantly higher trading volume ($4.54 billion vs. Gemini’s $382.49 million daily) suggests that Gemini’s liquidity pool for XRP remains smaller. The card’s success may drive more XRP trading, but it’s unlikely to rival Coinbase’s depth in the short term.
Retail Onboarding and Market Depth
Gemini’s app store surge, with over 90,000 downloads in 72 hours post-launch, signals strong retail adoption. Retail investors, particularly those entering via memecoins (31% of US and 67% of French investors per Gemini’s 2025 Global State of Crypto report), often contribute to short-term liquidity through frequent, smaller trades.
This can deepen order books for XRP and other assets on Gemini, as new users engage with the platform. However, retail-driven liquidity is often volatile, as memecoin traders may prioritize speculative assets over stable ones like XRP, potentially limiting sustained liquidity growth unless Gemini expands its asset offerings.
The XRP card’s integration with RLUSD creates a closed-loop ecosystem where users can spend, earn, and trade XRP with reduced reliance on external liquidity pools. This could stabilize XRP’s liquidity on Gemini by encouraging users to keep assets within the platform.
Ripple’s $75 million credit line (potentially expandable to $150 million) for Gemini’s IPO further strengthens its financial capacity to support liquidity provision, such as market-making or staking programs. In contrast, Coinbase’s focus on institutional markets and its USD-1 stablecoin may divert liquidity to larger, institutional-grade pools, potentially fragmenting retail liquidity across platforms.
The GENIUS Act of 2025, mandating reserve-backed stablecoins, aligns with Gemini’s retail model and RLUSD integration, potentially attracting risk-averse retail traders seeking compliant platforms. This could bolster Gemini’s liquidity by increasing user trust and trading activity. However, Coinbase’s institutional focus and higher trading volume suggest it remains the preferred venue for high-frequency traders and large orders, maintaining its edge in overall market liquidity.
Gemini’s app store lead may not translate to comparable depth unless trading volumes grow significantly. The XRP card’s popularity is likely to increase XRP trading volumes on Gemini as users convert rewards into other assets or hold them for spending. With 75.6 million downloads and 825 million web visits in Q1 2025, Gemini’s user base expansion suggests a growing pool of retail traders contributing to XRP liquidity.
XRP’s daily trading volume on Gemini could rise by 10-20% over the next 3-6 months, assuming sustained card adoption and stable XRP prices. However, volatility in XRP’s value (noted as a risk due to its price fluctuations) could deter some users, capping liquidity growth. Gemini’s retail-driven strategy, including memecoin support and consumer incentives, positions it to capture a younger, experimental demographic.
Since 94% of memecoin owners also hold traditional cryptocurrencies, this could lead to broader asset trading, enhancing overall liquidity on Gemini. If Gemini maintains its app store lead and leverages its MiCA license for European expansion, it could close the liquidity gap with Coinbase for select assets like XRP and ETH over 12-18 months.
However, scaling to match Coinbase’s $4.54 billion daily volume would require significant institutional adoption, which Gemini currently lacks. Coinbase’s drop to 25th in app store rankings reflects a shift in retail sentiment, potentially pushing it to innovate with similar reward-based products. Its existing crypto-debit card, not tied to a single asset like XRP, may see upgrades to compete, potentially fragmenting liquidity across platforms.
Coinbase’s institutional focus will likely maintain its liquidity dominance, but Gemini’s retail traction could siphon 5-10% of Coinbase’s retail trading volume in the next year, particularly for XRP and stablecoin pairs, as users chase rewards. The broader crypto market is seeing increased retail participation, with Bitcoin’s hot realized cap reaching $99.6 billion in 2025, indicating speculative demand.
Gemini’s app store surge aligns with this trend, suggesting retail-driven liquidity will grow across exchanges. The crypto market’s liquidity could rise by 15-25% in 2026, driven by retail onboarding and pro-crypto policies like the Strategic Bitcoin Reserve. Gemini’s focus on user acquisition may position it as a key player in retail liquidity, but Coinbase’s institutional edge will likely keep it ahead in total volume.
XRP’s price volatility and potential tax implications for rewards could discourage users from trading, limiting liquidity growth. Users may hold rewards rather than trade, reducing order book depth. While the GENIUS Act favors Gemini’s model, regulatory scrutiny of stablecoins or reward programs could disrupt liquidity if compliance costs rise.
Retail-driven liquidity is less stable than institutional liquidity, and Gemini’s reliance on memecoins and rewards may lead to boom-bust cycles in trading activity. Despite the app store shift, Coinbase’s established user base and institutional services ensure it remains the liquidity leader. Gemini’s challenge is to convert app downloads into active traders.
Short-term, this could boost XRP volumes by 10-20%, with broader platform liquidity growing as new users trade diverse assets. Long-term, Gemini’s retail focus and regulatory alignment position it to capture a larger share of retail liquidity, potentially challenging Coinbase for specific assets.
However, Coinbase’s institutional dominance and higher trading volume suggest it will maintain overall market liquidity leadership unless Gemini significantly scales its user base and infrastructure. The interplay of retail incentives, stablecoin integration, and regulatory clarity will shape liquidity trends, with Gemini well-placed to benefit but facing challenges in matching Coinbase’s depth.